Vertical farming, the one solution to the growing food demand, is now being implemented around the world. AeroFarms, a vertical farm startup claims it uses 95% less water than a traditional farm, thanks to its specially designed root misting system. The company is building what they say will be the largest vertical farm, producing two million pounds of leafy greens a year, using a technology called aeroponics, a technique in which crops are grown in vertical stacks of plant beds, without any soil, pesticides, or sunlight. When AeroFarms officially starts production in September 2016, it will become the world's largest vertical farm. It will partner with organic wholesaler Farmigo and sell its greens in New York City grocery stores.
"Cities have a lot of mouths to feed. We have population growth, urbanization, and we need better ways to feed humanity that are sensitive to the environment," AeroFarms' CEO and founder David Rosenberg tells Business Insider. "Vertical farms are one of the many solutions." The stakes for AeroFarms are high, with investors like Goldman Sachs and Prudential Financial backing the company to the tune of $39 million.
Considering the growing popularity of this market, BIS Research has published a report titled, “Global Vertical Farming Market, Estimation & Forecast 2016-2022” incorporating a segmentation of the market, classified into different components, and growth mechanisms. The analyst at BIS Research states, “The industry will grow over $6.81 billion by 2022 at a double digit CAGR through 2015-2022, with APAC leading the market. The growth mechanism indicates that hydroponics is dominating the market, while the maximum growth is expected to be made in aeroponic techniques.”
The report includes market sizing & estimation by components, by growth mechanism, and by geographical location. The continuous growth in the industry has compelled the analysts to add a detailed chapter on the market dynamics, including the prime driving and restraining forces, along with opportunities for growth and expansion in the global vertical farming market through the forecast period. Furthermore, having identified the potential for further development in the form of product launches, partnerships, and events among others, the report has included a separate section on the detailed competitive landscape of the market.
Recent activities of the key players in this market have also been tracked in the form of company profiles. Some of the key companies highlighted in the report are Aerofarms, Illumitex, Koninklijke Philips, Everlight Electronics, and FarmedHere.